Seabridge Gold to Drill 15,000 Meters at KSM Project in 2008
2008年3月25日 - 9:01PM
Marketwired Canada
Seabridge Gold (TSX VENTURE:SEA)(AMEX:SA) announced today that it will undertake
a $7.6 million, 15,000 meter core drill program at its 100% owned
Kerr-Sulphurets-Mitchell ("KSM") project, located near Stewart, British
Columbia, Canada. The program, expected to commence in June, is designed to
improve the value of the asset by exploring for higher grade zones, upgrading
more of the remaining inferred mineral resources to the indicated category and
further expanding the Mitchell zone.
Seabridge President and CEO Rudi Fronk noted "last year's program demonstrated
that inferred resources can be upgraded to the indicated category and that
substantially higher grades appear to be available at depth. This year's program
will focus on defining the higher grade zones which have the potential to
significantly improve project economics in the early years of production. We
will also complete upgrading resources at the Mitchell zone to the point where a
feasibility study can be undertaken."
The key objectives of the program are as follows:
Objective #1: Upgrade 231 million inferred tonnes of mineral resources at the
Mitchell zone containing 5.2 million ounces of gold and 760 million pounds of
copper to the indicated category. To achieve this objective, 12 infill drill
holes (totaling at least 5,200 meters) will be completed in the heart of the
Mitchell zone.
Objective #2: Extend the Mitchell zone resource model down dip and to the north
to capture potential new resources with better than average Mitchell grade.
Approximately two-thirds of this new resource is expected to be in the indicated
category. To achieve this objective, eight drill holes (totaling at least 6,500
meters) will be drilled below and between the northern most holes completed to
date. Holes are also designed to follow-up on the down dip extension of higher
than average grade material identified in the 2007 drilling at the Mitchell
zone, including:
M-07-24E 440.8 meters to 597.3 meters 0.91 g/t gold and 0.26% copper
(156.5 meters)
M-07-35 138.0 meters to 682.1 meters 1.00 g/t gold and 0.27% copper
(544.1 meters)
M-07-45 300.9 meters to 555.0 meters 1.19 g/t gold and 0.23% copper
(254.1meters)
M-07-47 397.0 meters to 442.6 meters 0.91 g/t gold and 0.29% copper
(45.6 meters)
M-07-54 122.0 meters to 422.0 meters 1.03 g/t gold and 0.29% copper
(300.0 meters)
M-07-56 106.0 meters to 238.0 meters 1.02 g/t gold and 0.18% copper
(132.0 meters)
M-07-58 188.0 meters to 407.3 meters 0.95 g/t gold and 0.35% copper
(219.3 meters)
Objective #3: Explore the down-dip projection of the Sulphurets Gold Zone for a
potential higher-grade, bulk mineable underground zone. Two holes (totaling at
least 1,500 meters) will be drilled to test the depth extension of the
Sulphurets where drill hole S-06-04 found a 118 meter wide breccia zone that
averaged 0.82g/t Au and 0.54% Cu. Alteration intensity and metal grades seem to
be increasing in the breccia zone to the north and west. Expanding the
Sulphurets zone down-dip in the breccia zone has the potential to identify
early, higher grade production for the project. Potential also exists to
evaluate a bulk underground target that could be exploited to the north of the
conceptual Sulphurets open pit.
Objective #4: Test the potential continuity of high-grade mineralization between
the Iron Cap and Mitchell Deposits and evaluate this potential as a bulk
mineable underground target. Previous drilling on the Iron Cap target and in the
North Mitchell area encountered wide-spread gold and copper concentrations.
These results imply a genetic and temporal relationship with the Mitchell zone.
A single drill hole totaling 1200 meters is proposed to evaluate the continuity
between these two zones and the potential grade increase at depth on the Iron
Cap target. Select drill intercepts from the Iron Cap zone drilled by
Falconbridge in 2005 include:
IC-05-01 3.3 meters to 75.3 meters 0.88 g/t gold and 0.30% copper
(72.0 meters)
IC-05-02 168.9 meters to 250.0 meters 0.70 g/t gold and 0.20% copper
(81.1 meters)
IC-05-04 205.9 meters to 248.1 meters 0.74 g/t gold and 0.29% copper
(42.2 meters)
The KSM project represents one of the world's largest undeveloped gold/copper
projects. The following table summarizes NI 43-101 compliant mineral resources
for all three zones at the KSM project using a 0.50 gram per tonne (g/t) gold
equivalent cutoff grade (see news releases dated January 10, 2008 and February
20, 2008 for details):
KSM Mineral Resource Estimates at 0.50 g/t Equivalent Gold Cutoff Grade
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Indicated Mineral Resources
-------------------------------------------------------------
Gold Copper
Zone Tonnes Gold Copper Ounces Pounds
(000) (g/t) (%) (000) (millions)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Mitchell 734,163 0.69 0.18 16,287 2,913
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Kerr 206,272 0.25 0.45 1,651 2,037
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Sulphurets 74,655 0.75 0.24 1,798 388
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Total 1,015,090 0.61 0.24 19,736 5,338
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Inferred Mineral Resources
-------------------------------------------------------------
Gold Copper
Zone Tonnes Gold Copper Ounces Pounds
(000) (g/t) (%) (000) (millions)
---------------------------------------------------------------------------
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Mitchell 667,421 0.62 0.15 13,304 2,206
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Kerr 51,387 0.21 0.45 352 506
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Sulphurets 33,636 0.62 0.20 675 147
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Total 752,444 0.59 0.18 14,331 2,859
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Seabridge has acquired a 100% interest in several North American gold resource
projects. For a breakdown of the Company's mineral resources by project and
resource category please visit the Company's website at
http://www.seabridgegold.net/Resource.htm.
All resource estimates reported by the Company were calculated in accordance
with the Canadian National Instrument 43-101 and the Canadian Institute of
Mining and Metallurgy Classification system. These standards differ
significantly from the requirements of the U.S. Securities and Exchange
Commission. Mineral resources which are not mineral reserves do not have
demonstrated economic viability.
Statements relating to the estimated or expected future production and operating
results and costs and financial condition of Seabridge, planned work at the
Company's projects and the expected results of such work are forward-looking
statements within the meaning of the United States Private Securities Litigation
Reform Act of 1995. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by words such as
the following: expects, plans, anticipates, believes, intends, estimates,
projects, assumes, potential and similar expressions. Forward-looking statements
also include reference to events or conditions that will, would, may, could or
should occur. Information concerning exploration results and mineral reserve and
resource estimates may also be deemed to be forward-looking statements, as it
constitutes a prediction of what might be found to be present when and if a
project is actually developed. These forward-looking statements are necessarily
based upon a number of estimates and assumptions that, while considered
reasonable at the time they are made, are inherently subject to a variety of
risks and uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements, including,
without limitation: uncertainties related to raising sufficient financing to
fund the planned work in a timely manner and on acceptable terms; changes in
planned work resulting from logistical, technical or other factors; the
possibility that results of work will not fulfill projections/expectations and
realize the perceived potential of the Company's projects; uncertainties
involved in the interpretation of drilling results and other tests and the
estimation of gold reserves and resources; risk of accidents, equipment
breakdowns and labour disputes or other unanticipated difficulties or
interruptions; the possibility of environmental issues at the Company's
projects; the possibility of cost overruns or unanticipated expenses in work
programs; the need to obtain permits and comply with environmental laws and
regulations and other government requirements; fluctuations in the price of gold
and other risks and uncertainties, including those described in the Company's
Annual Information Form filed with SEDAR in Canada (available at www.sedar.com)
for the year ended December 31, 2006 and in the Company's Form 20-F filed with
the U.S. Securities and Exchange Commission (available at
www.sec.gov/edgar.shtml).
Forward-looking statements are based on the beliefs, estimates and opinions of
the Company's management or its independent professional consultants on the date
the statements are made.
ON BEHALF OF THE BOARD
"Rudi Fronk," President & C.E.O.
(TSXV:KSM)
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